The U.S. hiring saw a dramatic increase in July, as the economy added 528,000 jobs and the unemployment rate fell to 3.5%, according to data released by the Bureau of Labor Statistics on Friday.
The report defied expectations of a hiring slowdown as the Federal Reserve carries out a fight against inflation that aims to slash demand by cooling the economy but risks tipping the country into a recession.
The overall robust hiring in recent months defies typical conditions for a recession, Daniel Zhao, a senior economist at the career site Glassdoor, told ABC News prior to the data release. Despite a series of borrowing cost increases meant to slash prices, inflation has not only persisted but worsened. Data released last month showed that prices jumped a staggering 9.1% in June, which amounts to the highest inflation rate in more than four decades.
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